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Mast Energy Developments PLC ( (GB:MAST) ) has provided an update.
Mast Energy Developments PLC reported a significant 77% increase in revenue for 2024, largely due to a refurbishment program at the Pyebridge site, which included engine overhauls and technical upgrades. The company secured a £4 million loan facility from RiverFort, enabling these refurbishments and resulting in improved operational performance and revenue generation. Additionally, MED entered a Growth Capital Partnership with Powertree to fund the Hindlip project, ensuring the site is fully funded without further obligation from MED. The company also secured uninterrupted Capacity Market contracts, guaranteeing a gross profit margin income of approximately £1.7 million until 2029. These developments position MED for accelerated growth in its power generation capacity, targeting over 300 MWs in production.
More about Mast Energy Developments PLC
Mast Energy Developments PLC (MED) operates in the flexible power generation industry in the United Kingdom. The company focuses on refurbishing and operating power generation sites, with a market emphasis on enhancing efficiency and expanding its portfolio of megawatts in production.
YTD Price Performance: 11.76%
Average Trading Volume: 8,685,490
Technical Sentiment Signal: Buy
Current Market Cap: £810.1K
See more insights into MAST stock on TipRanks’ Stock Analysis page.